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Gateway Casinos Income Fund Announces Closing of Acquisition of Cascades and Extension of Convertible Debentures

BURNABY, BRITISH COLUMBIA--(CCNMatthews - May 19, 2006) - Gateway Casinos Income Fund (the "Fund") (TSX:GCI.UN) is pleased to announce that its operating entity, the Gateway Casinos Limited Partnership, has today completed the acquisition of the Cascades Langley Casino and Hotel, originally announced on April 3, 2006.

Concurrent with the closing of the acquisition, the maturity date of the $35 million principal amount of 5.35% Extendible Convertible Debentures issued by the Fund on April 25, 2006 was automatically extended to June 30, 2011.

About the Fund

The Fund is an unincorporated open-ended limited purpose trust established under the laws of British Columbia, which operates the Burnaby Casino in Greater Vancouver, B.C., the Palace Casino in Edmonton, Alberta and the Lake City Casinos in Kamloops, Kelowna, Penticton and Vernon, B.C. Headquartered in Burnaby, B.C., the Fund is one of the largest casino operators in Western Canada.